The German and UK parts of the firm, a result of September’s merger between City firm Taylor Joynson Garrett and Wessing, are sharing profits.
The firm has set up parallel systems to distribute profits to equity partners. The Germans are paid in December, at the end of their fiscal year while the UK equity partners will be paid at the end of the UK tax year.
Equity partners in both legacy partnerships have been placed in comparable pay brackets – dependent on both merit and seniority – which define how many equity points they receive.
The value of an equity point to a German partner is less than for a UK partner, but German partners are not expected to bring in as much as their London counterparts.
German managing partner Wolfgang Rehmann said that the system allows German clients to continue paying domestic rates, as Wessing equity partners are not competing with City equity partners for profits distribution.
“I think this is a unique system which respects clients’ needs and interests. We’ll do it in other European countries we expand into, such as France,” he said.
